Gold Prices Exceed $600

The hazy days of gold trading at the psychological barrier of $500 an ounce seems little but a distant memory as gold hit the $600 mark for the first time since 1980.

According to Reuters, gold, which has gained 16 percent this year and 41 percent in the past 12 months, hit $604 an ounce before falling back to $599.25.

Concerns about inflation, tension in the Middle East and uncertainty over the value of the U.S. dollar have all contributed to the price of gold more than doubling in the past four years.

But gold is not the only metal trading at record highs. Silver rose to $13.01 an ounce, a 23-year high, while copper exceeded $6,000 a ton.

Oil prices also surged to reach $69 a barrel, and the $70 mark line is no longer a far fetched idea.